Anupam Rasayan India IPO to open on March 12; price band set at Rs 553-555

Anupam Rasayan India, one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India, has decided to launch its initial public offering for subscription on March 12.

The company and selling shareholders in consultation with merchant bankers has fixed a price band at Rs 553-555 per share for its issue which is scheduled to close on March 16.

The anchor investors' book, if any, will open for bidding for a day on March 10. Investors can put bids for a minimum of 27 equity shares and in multiples of 27 equity shares thereafter.

The specialty chemicals maker aims to raise Rs 760 crore through its public issue which includes a reservation of 2.2 lakh equity shares for subscription by its employees.

The net proceeds of the issue will be utilised for repayment of debt and general corporate purposes.

The company compares itself with listed counterparts like PI Industries, Navin Fluorine International, Astec Lifesciences and SRF.

Also read: Easy Trip Planners IPO opens for subscription: Should you subscribe?

Promoters Anand Desai, Kiran C Patel, Mona Desai, KPI LLC and RIRCPL, currently, own 66.04 percent stake in the company.

Incorporated in 1984, Anupam Rasayan, over the years, evolved into custom synthesis and manufacturing of life science related specialty chemicals and other specialty chemicals, which involve multi-step synthesis and complex technologies, for a diverse base of Indian and global customers.

The company has two distinct business verticals - life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals; and other specialty chemicals, comprising specialty pigment and dyes, and polymer additives.

In FY20 and in the nine months ended December 2020, revenues from life science related specialty chemicals vertical accounted for 95.37 percent and 93.75 percent, respectively, of its revenue from operations, while revenue from other specialty chemicals accounted for 4.63 percent and 6.25 percent, respectively, in such periods.

This would be the 11th company to launch an initial public offering in 2021 after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries, MTAR Technologies, and Easy Trip Planners which opened for subscription on March 8.

Axis Capital, Ambit, IIFL Securities and JM Financial are the book-running lead managers to the issue.